Key facts
- The path has three exams in order – Level I, Level II and Level III – followed by work experience and a membership application.
- Exam registration for exams from February 2027: US$1,140 (check the official website) early or US$1,490 (check the official website) standard for Level I; US$1,240 (check the official website) or US$1,590 (check the official website) for Level III.
- Work experience for the charter: 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website).
- Prep providers suggest at least 300 study hours for Level I; Soleadea estimates 350–400 for Level II and 340–350 for Level III.
- At 10 hours a week the three exams take about two years of study; UWorld says candidates take more than four years on average.
Becoming a CFA® charterholder means passing Level I, Level II and Level III in order, completing qualifying work experience and applying for membership of CFA Institute. On prep providers’ estimates the three exams need roughly 1,000 hours of study – about 24 months at 10 hours a week – and the work-experience rule often decides the earliest date. (Soleadea, study hours (secondary source)) (UWorld Finance, becoming a charterholder (secondary source))
This page sets out the stages, what they cost and how long they take, for exams from February 2027. The CFA Program is run by CFA Institute; fees and rules below link to its website so that you can check them before you register. Our questions complement CFA Institute’s own curriculum; they do not replace it.
What are the stages from Level I to the charter?
Check that you can register
You can register for Level I with a bachelor’s degree, being within 23 months of completing one, or 4,000 hours of work experience and/or higher education over at least 36 months (check the official website). (300Hours, charter requirements (secondary source)) Before you commit, price the first exam with the Level I cost calculator.
Pass Level I
Level I has two sessions of 90 questions, 2 hours 15 minutes each. (CFA Institute, Level I exam) It runs in four windows a year; in 2027: 22–28 February 2027 (check the official website), 11–17 May 2027 (check the official website), 15–22 August 2027 (check the official website) and 13–19 November 2027 (check the official website). Soleadea and 300Hours suggest planning at least 300 hours. (Soleadea, study hours (secondary source)) (300Hours, preparing for Level I (secondary source)) The Level I study planner turns your exam date into weekly targets, and our Level I course has practice questions with worked explanations.
Pass Level II
Level II is open only to candidates who have passed Level I. (UWorld Finance, CFA fees 2027 (secondary source)) In 2027 it runs three times: 18–22 May 2027 (check the official website), 23–27 August 2027 (check the official website) and 20–24 November 2027 (check the official website). Soleadea puts the study time at 350 to 400 hours, the most of the three levels. (Soleadea, study hours (secondary source))
Pass Level III
Level III requires a pass at Level II. (UWorld Finance, CFA fees 2027 (secondary source)) In 2027 it runs twice: 18–21 February 2027 (check the official website) and 11–14 August 2027 (check the official website). Soleadea estimates 340 to 350 hours. (Soleadea, study hours (secondary source))
Build up qualifying work experience
The charter needs 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website). (300Hours, charter requirements (secondary source)) Because earlier experience can count, this clock may already be running while you study.
Apply for membership and the charter
With the exams passed and the experience in place, you apply for membership of CFA Institute with two or three professional references (two if one of them is a regular member of your local society) (check the official website) and pay annual dues of US$299 (check the official website); the dues of a local society come on top if you join one. (300Hours, CFA exam cost (secondary source)) (UWorld Finance, becoming a charterholder (secondary source)) Passing Level III on its own does not make you a charterholder.
At every level there is one more step: at least one Practical Skills Module at each level, completed before that level’s results are released – otherwise the result is voided (check the official website). (Soleadea, Practical Skills Modules (secondary source)) Soleadea estimates 10 to 20 hours per module, so plan it into a quiet week rather than the week before results.
How long does it take to become a CFA charterholder?
There is no fixed duration. UWorld, a prep provider, says candidates take more than four years on average, and that under two years is possible for someone who already meets the education or work criteria and passes every exam at the first attempt; it does not name a source for the average. (UWorld Finance, becoming a charterholder (secondary source))
Study time is the part you can plan. The table turns the estimates into weeks at five weekly paces, using the middle of each range (375 hours for Level II, 345 for Level III) and the 300-hour floor for Level I. (Soleadea, study hours (secondary source))
| Hours a week | Level I (300 h) | Level II (375 h) | Level III (345 h) | All three |
|---|---|---|---|---|
| 8 hours | 38 weeks | 47 weeks | 44 weeks | 129 weeks (about 30 months) |
| 10 hours | 30 weeks | 38 weeks | 35 weeks | 103 weeks (about 24 months) |
| 12 hours | 25 weeks | 32 weeks | 29 weeks | 86 weeks (about 20 months) |
| 15 hours | 20 weeks | 25 weeks | 23 weeks | 68 weeks (about 16 months) |
| 20 hours | 15 weeks | 19 weeks | 18 weeks | 52 weeks (about 12 months) |
Real calendars add time: the weeks between an exam and its result, registration deadlines, holidays, and any retake, which costs another window and another registration fee. (UWorld Finance, CFA fees 2027 (secondary source)) To test whether your weekly hours are realistic beside work, try the weekly study-time calculator.
The work-experience rule runs on its own clock. In a full-time investment job the hours usually build up faster than the minimum period runs, so the period decides: someone who starts such a job in September 2026 can complete it about three years later at the earliest, however quickly the exams go. With part-time work the hours can take longer than the period. The charter timeline calculator puts both clocks together, with retakes and breaks, and shows the earliest month for your own dates.
What does the path cost?
| Exam | Early registration | Standard registration |
|---|---|---|
| Level I | US$1,140 (check the official website) | US$1,490 (check the official website) |
| Level II | US$1,140 (check the official website) | US$1,490 (check the official website) |
| Level III | US$1,240 (check the official website) | US$1,590 (check the official website) |
| All three, each passed at the first attempt | US$3,520 (check the official website) | US$4,570 (check the official website) |
The one-time enrolment fee is US$0 (check the official website). A retake means registering and paying the exam fee again; there is no reduced retake fee. (UWorld Finance, CFA fees 2027 (secondary source)) After the charter, membership dues of US$299 (check the official website) a year follow, plus a local society’s dues if you join one. 300Hours estimates that most candidates spend US$5,000 to US$7,000 across the three levels, including registration, a calculator and basic study materials. (300Hours, CFA exam cost (secondary source)) For your own figure, with scholarships, retakes and your currency, use the Level I cost calculator.
What does this mean for you in the first year?
If you are starting now, the decision in front of you is Level I, not the charter. A charter that is several years away is hard to plan; one exam window is not. This checklist covers the first twelve months:
- Check the eligibility rule above and choose a window that leaves you 25 to 30 weeks at the hours you can really keep.
- Register early if you can: compare US$1,140 (check the official website) with US$1,490 (check the official website). For the May 2027 window the standard registration deadline is 10 February 2027 (check the official website); every 2027 window and deadline is on the Level I dates and fees page.
- Book the Practical Skills Module into your plan on day one, not in results week.
- Keep a simple log of your work from now on: dates, employer, duties. It costs minutes now and saves hours later.
- Ask your employer whether it pays exam fees or gives study leave before you pay yourself.
A 12-hour week beside a full-time job can look like this. Move the long session to whichever day you are freshest.
| Day | Session | Hours |
|---|---|---|
| Monday | New material: one reading, short notes | 1.5 |
| Tuesday | Practice questions on Monday’s reading | 1.5 |
| Wednesday | Flashcards or formulas only | 0.5 |
| Thursday | New material: the next reading | 1.5 |
| Friday | Rest | – |
| Saturday | Long session: new material, then mixed questions | 4 |
| Sunday | Review every wrong answer; plan next week | 3 |
At this pace Level I takes about 25 weeks. If a week falls apart, do not try to double the next one; shift the plan by a week and keep the rest day.
What are the common mistakes on the way to the charter?
- Treating Level III as the finish line. The charter also needs the work experience and an accepted membership application.
- Planning with the lowest estimate. 300 hours is the lower end of what prep providers suggest for Level I, and Level II needs more.
- Budgeting for one attempt per level. Keep a reserve for one retake: another registration fee and another few months.
- Forgetting the module. A voided result because the Practical Skills Module was not finished is an avoidable loss.
- Not starting the experience clock. If you are not yet in an investment role, the experience rule may take longer than the exams.
Still deciding between finance qualifications? Compare the CFA Program with the FRM® Exam or the CFA Program with an MBA, and see what investment analysts earn. To weigh whether it is worth it for you, see is the CFA Program worth it?
Frequently asked questions
How long does it take to become a CFA® charterholder?
There is no fixed duration. Prep providers estimate roughly 1,000 study hours for the three exams, about two years at 10 hours a week, and UWorld says candidates take more than four years on average. The work-experience requirement – 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website) – can set the earliest date.
How much do the three CFA exams cost?
For exams from February 2027, before local taxes: Level I US$1,140 (check the official website) early or US$1,490 (check the official website) standard, Level II US$1,140 (check the official website) or US$1,490 (check the official website), Level III US$1,240 (check the official website) or US$1,590 (check the official website). A retake means paying the registration fee again, and membership dues of US$299 (check the official website) a year follow the charter.
When can I sit Level II and Level III?
Only after passing the level before: Level II requires a pass at Level I, Level III a pass at Level II. In 2027 Level II runs in May, August and November and Level III in February and August.
Do I need work experience before Level I?
Not if you register through education: you can register for Level I with a bachelor’s degree, being within 23 months of completing one, or 4,000 hours of work experience and/or higher education over at least 36 months (check the official website). Work experience is a requirement for the charter: 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website).
What is a Practical Skills Module?
A module CFA Institute requires alongside the exams: at least one Practical Skills Module at each level, completed before that level’s results are released – otherwise the result is voided (check the official website). Soleadea estimates 10 to 20 hours per module.
Is passing Level III enough to become a charterholder?
No. You also need the work experience and an accepted membership application with two or three professional references (two if one of them is a regular member of your local society) (check the official website), and you pay annual dues of US$299 (check the official website), plus a local society’s dues if you join one.
Related tools and pages
Sources
- Soleadea (exam prep provider, secondary source): How Many Study Hours Does the CFA® Exam Really Take? (3 August 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): CFA Level 1: How to Prepare & Pass CFA in 18 Months (9 September 2026). Accessed 30 October 2026.
- UWorld Finance (exam prep provider, secondary source): How to Become a CFA® Charterholder. Accessed 30 October 2026.
- CFA Institute: CFA Program Level I exam: format and topic weights. Accessed 26 October 2026.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): CFA Requirements: How to Become A CFA Charterholder (15 September 2026). Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): CFA® Exam Practical Skills Modules (PSMs), FAQ on Completion (10 August 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): 2026 CFA Exam Cost Breakdown: A Detailed Estimate (18 April 2026). Accessed 30 October 2026.
- CFA Institute: CFA Program: eligibility, exams, work experience and membership.
- CFA Institute: CFA exam dates and fees. Accessed 26 October 2026.
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